Infosys shares dip 16% amid allegations of 'unethical practices', worst fall in six years Posted on 23rd October 2019

The stock prices of Indian multinational Infosys fell by 16% on Tuesday, following an anonymous letter by whistleblowers accusing Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of indulging in unethical practices to boost revenue and profits in recent quarters.

On BSE, the company's shares opened 10% lower at Rs 691 and dropped to Rs 645.35 shortly. The Infosys share at BSE closed at Rs 643.30, a drop of Rs 124.45 (16.21%) from its yesterday's closing price.

The stock closed at a low of Rs 640 at the National Stock Exchange (NSE), registering a fall of 16.65% (Rs 127.85).

The IT major registered its worst single-day drop in over six years.

Earlier in the day, Infosys chairman Nandan Nilekani issued a statement that the board of members received two anonymous complaints on September 30. It added that these complaints were placed before the audit committee as per the company's practices.

The statement further said Infosys will provide a summary of the results of the investigation at an 'appropriate time', adding that the board is committed to uphold the highest standard of corporate governance and protect the interests of all stakeholders.

While stock markets were closed on Monday, the firm's American Depository Receipts (ADRs) listed on the New York Stock Exchange (NYSE) also fell over 15 percent.

Visakhapatnam police on Friday arrested over 90 people, including leaders and workers of Left parties who were going to protest at LG Polymers plant, the site of the gas leak incident on May 7 that killed 12 people.

We arrested them as they hadn't taken permission for the protest. A FIR filed against 96 people of Left parties, South ACP Swaroopa Rani said.

Atleast 57 members of the police tactical unit in Buffalo, New York resigned from the team on Friday to protest the suspension of two colleagues for pushing a 70-year-old man to the ground outside the City Hall on Thursday during the ongoing protests, the local media reported.

Two members of the Buffalo Police Department`s Emergency Response Team were suspended after the incident which was filmed on camera was released by a local radio station.

The coronavirus cases in India continue to spread rapidly as the country has marked significant and consecutive highest jumps in the COVID-19 tally over a major part of the last two weeks. With nearly 10,000 new cases reported in the last 24 hours, India's COVID-19 count on Saturday hit a new high - 2,36,657, overtaking Italy to take the sixth spot among countries with the highesr caseload of the virus.

At 9:30 AM on this day, the COVID-19 tally in the country has reached 2,36,657 cases, which includes 1,15,942 active cases; 1,14,073 cured, discharged, or migrated patients, and 6,642 deaths.

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